The 1987 Constitution of The Republic of The Philippines
The 1987 Constitution of The Republic of The Philippines
The 1987 Constitution of The Republic of The Philippines
ARTICLE II Section 10. The State shall promote social justice in all
phases of national development.
DECLARATION OF PRINCIPLES AND STATE POLICIES
Section 11. The State values the dignity of every human
PRINCIPLES
person and guarantees full respect for human rights.
Section 1. The Philippines is a democratic and
Section 12. The State recognizes the sanctity of family
republican State. Sovereignty resides in the people and
life and shall protect and strengthen the family as a
all government authority emanates from them.
basic autonomous social institution. It shall equally
Section 2. The Philippines renounces war as an protect the life of the mother and the life of the unborn
instrument of national policy, adopts the generally from conception. The natural and primary right and
accepted principles of international law as part of the duty of parents in the rearing of the youth for civic
law of the land and adheres to the policy of peace, efficiency and the development of moral character shall
equality, justice, freedom, cooperation, and amity with receive the support of the Government.
all nations.
Section 13. The State recognizes the vital role of the
Section 3. Civilian authority is, at all times, supreme youth in nation-building and shall promote and protect
over the military. The Armed Forces of the Philippines is their physical, moral, spiritual, intellectual, and social
the protector of the people and the State. Its goal is to well-being. It shall inculcate in the youth patriotism and
secure the sovereignty of the State and the integrity of nationalism, and encourage their involvement in public
the national territory. and civic affairs.
Section 20. The State recognizes the indispensable role Section 3. (1) The privacy of communication and
of the private sector, encourages private enterprise, correspondence shall be inviolable except upon lawful
and provides incentives to needed investments. order of the court, or when public safety or order
requires otherwise, as prescribed by law.
Section 21. The State shall promote comprehensive
rural development and agrarian reform. (2) Any evidence obtained in violation of this or the
preceding section shall be inadmissible for any purpose
Section 22. The State recognizes and promotes the
in any proceeding.
rights of indigenous cultural communities within the
framework of national unity and development. Section 4. No law shall be passed abridging the freedom
of speech, of expression, or of the press, or the right of
Section 23. The State shall encourage non-
the people peaceably to assemble and petition the
governmental, community-based, or sectoral
government for redress of grievances.
organizations that promote the welfare of the nation.
Section 5. No law shall be made respecting an
Section 24. The State recognizes the vital role of
establishment of religion, or prohibiting the free
communication and information in nationbuilding.
exercise thereof. The free exercise and enjoyment of
Section 25. The State shall ensure the autonomy of local religious profession and worship, without discrimination
governments. or preference, shall forever be allowed. No religious test
shall be required for the exercise of civil or political
Section 26. The State shall guarantee equal access to rights.
opportunities for public service and prohibit political
dynasties as may be defined by law. Section 6. The liberty of abode and of changing the
same within the limits prescribed by law shall not be
Section 27. The State shall maintain honesty and impaired except upon lawful order of the court. Neither
integrity in the public service and take positive and shall the right to travel be impaired except in the
effective measures against graft and corruption. interest of national security, public safety, or public
health, as may be provided by law.
Section 7. The right of the people to information on writ of habeas corpus is suspended. Excessive bail shall
matters of public concern shall be recognized. Access to not be required.
official records, and to documents and papers
Section 14. (1) No person shall be held to answer for a
pertaining to official acts, transactions, or decisions, as
criminal offense without due process of law.
well as to government research data used as basis for
policy development, shall be afforded the citizen, (2) In all criminal prosecutions, the accused shall be
subject to such limitations as may be provided by law. presumed innocent until the contrary is proved, and
shall enjoy the right to be heard by himself and counsel,
Section 8. The right of the people, including those
to be informed of the nature and cause of the
employed in the public and private sectors, to form
accusation against him, to have a speedy, impartial, and
unions, associations, or societies for purposes not
public trial, to meet the witnesses face to face, and to
contrary to law shall not be abridged.
have compulsory process to secure the attendance of
Section 9. Private property shall not be taken for public witnesses and the production of evidence in his behalf.
use without just compensation. However, after arraignment, trial may proceed
notwithstanding the absence of the accused: Provided,
Section 10. No law impairing the obligation of contracts
that he has been duly notified and his failure to appear
shall be passed
is unjustifiable.
Section 11. Free access to the courts and quasi-judicial
Section 15. The privilege of the writ of habeas corpus
bodies and adequate legal assistance shall not be
shall not be suspended except in cases of invasion or
denied to any person by reason of poverty.
rebellion, when the public safety requires it.
Section 12. (1) Any person under investigation for the
Section 16. All persons shall have the right to a speedy
commission of an offense shall have the right to be
disposition of their cases before all judicial, quasi-
informed of his right to remain silent and to have
judicial, or administrative bodies.
competent and independent counsel preferably of his
own choice. If the person cannot afford the services of Section 17. No person shall be compelled to be a
counsel, he must be provided with one. These rights witness against himself.
cannot be waived except in writing and in the presence
Section 18. (1) No person shall be detained solely by
of counsel.
reason of his political beliefs and aspirations.
(2) No torture, force, violence, threat, intimidation, or
(2) No involuntary servitude in any form shall exist
any other means which vitiate the free will shall be used
except as a punishment for a crime whereof the party
against him. Secret detention places, solitary,
shall have been duly convicted.
incommunicado, or other similar forms of detention are
prohibited. Section 19. (1) Excessive fines shall not be imposed, nor
cruel, degrading or inhuman punishment inflicted.
(3) Any confession or admission obtained in violation of
Neither shall death penalty be imposed, unless, for
this or Section 17 hereof shall be inadmissible in
compelling reasons involving heinous crimes, the
evidence against him.
Congress hereafter provides for it. Any death penalty
(4) The law shall provide for penal and civil sanctions for already imposed shall be reduced to reclusion perpetua.
violations of this section as well as compensation to the
(2) The employment of physical, psychological, or
rehabilitation of victims of torture or similar practices,
degrading punishment against any prisoner or detainee
and their families.
or the use of substandard or inadequate penal facilities
Section 13. All persons, except those charged with under subhuman conditions shall be dealt with by law.
offenses punishable by reclusion perpetua when
Section 20. No person shall be imprisoned for debt or
evidence of guilt is strong, shall, before conviction, be
non-payment of a poll tax.
bailable by sufficient sureties, or be released on
recognizance as may be provided by law. The right to Section 21. No person shall be twice put in jeopardy of
bail shall not be impaired even when the privilege of the punishment for the same offense. If an act is punished
by a law and an ordinance, conviction or acquittal under Section 2. The Congress shall provide a system for
either shall constitute a bar to another prosecution for securing the secrecy and sanctity of the ballot as well as
the same act. a system for absentee voting by qualified Filipinos
abroad.
Section 22. No ex post facto law or bill of attainder shall
be enacted. The Congress shall also design a procedure for the
disabled and the illiterates to vote without the
ARTICLE IV
assistance of other persons. Until then, they shall be
CITIZENSHIP allowed to vote under existing laws and such rules as
the Commission on Elections may promulgate to protect
Section 1. The following are citizens of the Philippines: the secrecy of the ballot
[1] Those who are citizens of the Philippines at the time ARTICLE VI
of the adoption of this Constitution;
THE LEGISLATIVE DEPARTMENT
[2] Those whose fathers or mothers are citizens of the
Philippines; Section 1. The legislative power shall be vested in the
Congress of the Philippines which shall consist of a
[3] Those born before January 17, 1973, of Filipino Senate and a House of Representatives, except to the
mothers, who elect Philippine citizenship upon reaching extent reserved to the people by the provision on
the age of majority; and initiative and referendum.
[4] Those who are naturalized in accordance with law. Section 2. The Senate shall be composed of twenty-four
Section 2. Natural-born citizens are those who are Senators who shall be elected at large by the qualified
citizens of the Philippines from birth without having to voters of the Philippines, as may be provided by law.
perform any act to acquire or perfect their Philippine Section 3. No person shall be a Senator unless he is a
citizenship. Those who elect Philippine citizenship in natural-born citizen of the Philippines and, on the day
accordance with paragraph (3), Section 1 hereof shall be of the election, is at least thirty-five years of age, able to
deemed natural-born citizens. read and write, a registered voter, and a resident of the
Section 3. Philippine citizenship may be lost or Philippines for not less than two years immediately
reacquired in the manner provided by law. preceding the day of the election.
Section 4. Citizens of the Philippines who marry aliens Section 4. The term of office of the Senators shall be six
shall retain their citizenship, unless by their act or years and shall commence, unless otherwise provided
omission, they are deemed, under the law, to have by law, at noon on the thirtieth day of June next
renounced it. following their election. No Senator shall serve for more
than two consecutive terms. Voluntary renunciation of
Section 5. Dual allegiance of citizens is inimical to the the office for any length of time shall not be considered
national interest and shall be dealt with by law as an interruption in the continuity of his service for the
ARTICLE V full term of which he was elected.
(4) Each House shall keep a Journal of its proceedings, Section 20. The records and books of accounts of the
and from time to time publish the same, excepting such Congress shall be preserved and be open to the public
parts as may, in its judgment, affect national security; in accordance with law, and such books shall be audited
and the yeas and nays on any question shall, at the by the Commission on Audit which shall publish
request of one-fifth of the Members present, be annually an itemized list of amounts paid to and
entered in the Journal. Each House shall also keep a expenses incurred for each Member.
Record of its proceedings.
Section 21. The Senate or the House of Representatives
(5) Neither House during the sessions of the Congress or any of its respective committees may conduct
shall, without the consent of the other, adjourn for inquiries in aid of legislation in accordance with its duly
more than three days, nor to any other place than that published rules of procedure. The rights of persons
in which the two Houses shall be sitting. appearing in, or affected by, such inquiries shall be
respected.
Section 17. The Senate and the House of
Representatives shall each have an Electoral Tribunal Section 22. The heads of departments may, upon their
which shall be the sole judge of all contests relating to own initiative, with the consent of the President, or
the election, returns, and qualifications of their upon the request of either House, as the rules of each
respective Members. Each Electoral Tribunal shall be House shall provide, appear before and be heard by
composed of nine Members, three of whom shall be such House on any matter pertaining to their
Justices of the Supreme Court to be designated by the departments. Written questions shall be submitted to
Chief Justice, and the remaining six shall be Members of the President of the Senate or the Speaker of the House
the Senate or the House of Representatives, as the case of Representatives at least three days before their
may be, who shall be chosen on the basis of scheduled appearance. Interpellations shall not be
proportional representation from the political parties limited to written questions, but may cover matters
and the parties or organizations registered under the related thereto. When the security of the State or the
party-list system represented therein. The senior Justice public interest so requires and the President so states in
in the Electoral Tribunal shall be its Chairman. writing, the appearance shall be conducted in executive
session.
Section 23. (1) The Congress, by a vote of two-thirds of (6) Discretionary funds appropriated for particular
both Houses in joint session assembled, voting officials shall be disbursed only for public purposes to
separately, shall have the sole power to declare the be supported by appropriate vouchers and subject to
existence of a state of war. such guidelines as may be prescribed by law.
(2) In times of war or other national emergency, the (7) If, by the end of any fiscal year, the Congress shall
Congress may, by law, authorize the President, for a have failed to pass the general appropriations bill for
limited period and subject to such restrictions as it may the ensuing fiscal year, the general appropriations law
prescribe, to exercise powers necessary and proper to for the preceding fiscal year shall be deemed re-enacted
carry out a declared national policy. Unless sooner and shall remain in force and effect until the general
withdrawn by resolution of the Congress, such powers appropriations bill is passed by the Congress.
shall cease upon the next adjournment thereof.
Section 26. (1) Every bill passed by the Congress shall
Section 24. All appropriation, revenue or tariff bills, bills embrace only one subject which shall be expressed in
authorizing increase of the public debt, bills of local the title thereof.
application, and private bills, shall originate exclusively
(2) No bill passed by either House shall become a law
in the House of Representatives, but the Senate may
unless it has passed three readings on separate days,
propose or concur with amendments.
and printed copies thereof in its final form have been
Section 25. (1) The Congress may not increase the distributed to its Members three days before its
appropriations recommended by the President for the passage, except when the President certifies to the
operation of the Government as specified in the budget. necessity of its immediate enactment to meet a public
The form, content, and manner of preparation of the calamity or emergency. Upon the last reading of a bill,
budget shall be prescribed by law. no amendment thereto shall be allowed, and the vote
thereon shall be taken immediately thereafter, and the
(2) No provision or enactment shall be embraced in the
yeas and nays entered in the Journal.
general appropriations bill unless it relates specifically
to some particular appropriation therein. Any such Section 27. (1) Every bill passed by the Congress shall,
provision or enactment shall be limited in its operation before it becomes a law, be presented to the President.
to the appropriation to which it relates. If he approves the same he shall sign it; otherwise, he
shall veto it and return the same with his objections to
(3) The procedure in approving appropriations for the
the House where it originated, which shall enter the
Congress shall strictly follow the procedure for
objections at large in its Journal and proceed to
approving appropriations for other departments and
reconsider it. If, after such reconsideration, two-thirds
agencies.
of all the Members of such House shall agree to pass
(4) A special appropriations bill shall specify the purpose the bill, it shall be sent, together with the objections, to
for which it is intended, and shall be supported by funds the other House by which it shall likewise be
actually available as certified by the National Treasurer, reconsidered, and if approved by two-thirds of all the
or to be raised by a corresponding revenue proposal Members of that House, it shall become a law. In all
therein. such cases, the votes of each House shall be determined
by yeas or nays, and the names of the Members voting
(5) No law shall be passed authorizing any transfer of for or against shall be entered in its Journal. The
appropriations; however, the President, the President President shall communicate his veto of any bill to the
of the Senate, the Speaker of the House of House where it originated within thirty days after the
Representatives, the Chief Justice of the Supreme Court, date of receipt thereof, otherwise, it shall become a law
and the heads of Constitutional Commissions may, by as if he had signed it.
law, be authorized to augment any item in the general
appropriations law for their respective offices from (2) The President shall have the power to veto any
savings in other items of their respective particular item or items in an appropriation, revenue, or
appropriations. tariff bill, but the veto shall not affect the item or items
to which he does not object.
Section 28. (1) The rule of taxation shall be uniform and directly propose and enact laws or approve or reject
equitable. The Congress shall evolve a progressive any act or law or part thereof passed by the Congress or
system of taxation. local legislative body after the registration of a petition
therefor signed by at least ten per centum of the total
(2) The Congress may, by law, authorize the President
number of registered voters, of which every legislative
to fix within specified limits, and subject to such
district must be represented by at least three per
limitations and restrictions as it may impose, tariff rates,
centum of the registered voters thereof.
import and export quotas, tonnage and wharfage dues,
and other duties or imposts within the framework of
the national development program of the Government.
Section 31. No law granting a title of royalty or nobility No Vice-President shall serve for more than two
shall be enacted. successive terms. Voluntary renunciation of the office
for any length of time shall not be considered as an
Section 32. The Congress shall, as early as possible, interruption in the continuity of the service for the full
provide for a system of initiative and referendum, and term for which he was elected.
the exceptions therefrom, whereby the people can
Unless otherwise provided by law, the regular election Section 7. The President-elect and the Vice President-
for President and Vice-President shall be held on the elect shall assume office at the beginning of their terms.
second Monday of May.
If the President-elect fails to qualify, the Vice President-
The returns of every election for President and Vice- elect shall act as President until the President-elect shall
President, duly certified by the board of canvassers of have qualified.
each province or city, shall be transmitted to the
If a President shall not have been chosen, the Vice
Congress, directed to the President of the Senate. Upon
President-elect shall act as President until a President
receipt of the certificates of canvass, the President of
shall have been chosen and qualified.
the Senate shall, not later than thirty days after the day
of the election, open all the certificates in the presence If at the beginning of the term of the President, the
of the Senate and the House of Representatives in joint President-elect shall have died or shall have become
public session, and the Congress, upon determination of permanently disabled, the Vice President-elect shall
the authenticity and due execution thereof in the become President.
manner provided by law, canvass the votes.
Where no President and Vice-President shall have been
The person having the highest number of votes shall be chosen or shall have qualified, or where both shall have
proclaimed elected, but in case two or more shall have died or become permanently disabled, the President of
an equal and highest number of votes, one of them the Senate or, in case of his inability, the Speaker of the
shall forthwith be chosen by the vote of a majority of all House of Representatives, shall act as President until a
the Members of both Houses of the Congress, voting President or a Vice-President shall have been chosen
separately. and qualified.
The Congress shall promulgate its rules for the The Congress shall, by law, provide for the manner in
canvassing of the certificates. which one who is to act as President shall be selected
until a President or a Vice-President shall have qualified,
The Supreme Court, sitting en banc, shall be the sole
in case of death, permanent disability, or inability of the
judge of all contests relating to the election, returns,
officials mentioned in the next preceding paragraph.
and qualifications of the President or Vice-President,
and may promulgate its rules for the purpose. Section 8. In case of death, permanent disability,
removal from office, or resignation of the President, the
Section 5. Before they enter on the execution of their
Vice-President shall become the President to serve the
office, the President, the VicePresident, or the Acting
unexpired term. In case of death, permanent disability,
President shall take the following oath or affirmation:
removal from office, or resignation of both the
"I do solemnly swear [or affirm] that I will faithfully and President and Vice-President, the President of the
conscientiously fulfill my duties as President [or Vice- Senate or, in case of his inability, the Speaker of the
President or Acting President] of the Philippines, House of Representatives, shall then act as President
preserve and defend its Constitution, execute its laws, until the President or Vice-President shall have been
do justice to every man, and consecrate myself to the elected and qualified.
service of the Nation. So help me God." [In case of
The Congress shall, by law, provide who shall serve as
affirmation, last sentence will be omitted].
President in case of death, permanent disability, or
Section 6. The President shall have an official residence. resignation of the Acting President. He shall serve until
The salaries of the President and Vice-President shall be the President or the Vice-President shall have been
determined by law and shall not be decreased during elected and qualified, and be subject to the same
their tenure. No increase in said compensation shall restrictions of powers and disqualifications as the Acting
take effect until after the expiration of the term of the President.
incumbent during which such increase was approved.
Section 9. Whenever there is a vacancy in the Office of
They shall not receive during their tenure any other
the Vice-President during the term for which he was
emolument from the Government or any other source.
elected, the President shall nominate a Vice-President
from among the Members of the Senate and the House
of Representatives who shall assume office upon session, within forty-eight hours, in accordance with its
confirmation by a majority vote of all the Members of rules and without need of call.
both Houses of the Congress, voting separately.
If the Congress, within ten days after receipt of the last
Section 10. The Congress shall, at ten o'clock in the written declaration, or, if not in session, within twelve
morning of the third day after the vacancy in the offices days after it is required to assemble, determines by a
of the President and Vice-President occurs, convene in two-thirds vote of both Houses, voting separately, that
accordance with its rules without need of a call and the President is unable to discharge the powers and
within seven days, enact a law calling for a special duties of his office, the Vice-President shall act as
election to elect a President and a Vice-President to be President; otherwise, the President shall continue
held not earlier than forty-five days nor later than sixty exercising the powers and duties of his office.
days from the time of such call. The bill calling such
Section 12. In case of serious illness of the President,
special election shall be deemed certified under
the public shall be informed of the state of his health.
paragraph 2, Section 26, Article V1 of this Constitution
The members of the Cabinet in charge of national
and shall become law upon its approval on third reading
security and foreign relations and the Chief of Staff of
by the Congress. Appropriations for the special election
the Armed Forces of the Philippines, shall not be denied
shall be charged against any current appropriations and
access to the President during such illness.
shall be exempt from the requirements of paragraph 4,
Section 25, Article V1 of this Constitution. The Section 13. The President, Vice-President, the Members
convening of the Congress cannot be suspended nor the of the Cabinet, and their deputies or assistants shall not,
special election postponed. No special election shall be unless otherwise provided in this Constitution, hold any
called if the vacancy occurs within eighteen months other office or employment during their tenure. They
before the date of the next presidential election. shall not, during said tenure, directly or indirectly,
practice any other profession, participate in any
Section 11. Whenever the President transmits to the
business, or be financially interested in any contract
President of the Senate and the Speaker of the House of
with, or in any franchise, or special privilege granted by
Representatives his written declaration that he is unable
the Government or any subdivision, agency, or
to discharge the powers and duties of his office, and
instrumentality thereof, including government-owned
until he transmits to them a written declaration to the
or controlled corporations or their subsidiaries. They
contrary, such powers and duties shall be discharged by
shall strictly avoid conflict of interest in the conduct of
the Vice-President as Acting President.
their office.
Whenever a majority of all the Members of the Cabinet
The spouse and relatives by consanguinity or affinity
transmit to the President of the Senate and to the
within the fourth civil degree of the President shall not,
Speaker of the House of Representatives their written
during his tenure, be appointed as Members of the
declaration that the President is unable to discharge the
Constitutional Commissions, or the Office of the
powers and duties of his office, the Vice-President shall
Ombudsman, or as Secretaries, Undersecretaries,
immediately assume the powers and duties of the office
chairmen or heads of bureaus or offices, including
as Acting President.
government-owned or controlled corporations and their
Thereafter, when the President transmits to the subsidiaries.
President of the Senate and to the Speaker of the House
Section 14. Appointments extended by an Acting
of Representatives his written declaration that no
President shall remain effective, unless revoked by the
inability exists, he shall reassume the powers and duties
elected President, within ninety days from his
of his office. Meanwhile, should a majority of all the
assumption or reassumption of office.
Members of the Cabinet transmit within five days to the
President of the Senate and to the Speaker of the House Section 15. Two months immediately before the next
of Representatives, their written declaration that the presidential elections and up to the end of his term, a
President is unable to discharge the powers and duties President or Acting President shall not make
of his office, the Congress shall decide the issue. For appointments, except temporary appointments to
that purpose, the Congress shall convene, if it is not in
executive positions when continued vacancies therein The Congress, if not in session, shall, within twenty-four
will prejudice public service or endanger public safety. hours following such proclamation or suspension,
convene in accordance with its rules without need of a
Section 16. The President shall nominate and, with the
call.
consent of the Commission on Appointments, appoint
the heads of the executive departments, ambassadors, The Supreme Court may review, in an appropriate
other public ministers and consuls, or officers of the proceeding filed by any citizen, the sufficiency of the
armed forces from the rank of colonel or naval captain, factual basis of the proclamation of martial law or the
and other officers whose appointments are vested in suspension of the privilege of the writ of habeas corpus
him in this Constitution. He shall also appoint all other or the extension thereof, and must promulgate its
officers of the Government whose appointments are decision thereon within thirty days from its filing.
not otherwise provided for by law, and those whom he
A state of martial law does not suspend the operation
may be authorized by law to appoint. The Congress
of the Constitution, nor supplant the functioning of the
may, by law, vest the appointment of other officers
civil courts or legislative assemblies, nor authorize the
lower in rank in the President alone, in the courts, or in
conferment of jurisdiction on military courts and
the heads of departments, agencies, commissions, or
agencies over civilians where civil courts are able to
boards.
function, nor automatically suspend the privilege of the
The President shall have the power to make writ of habeas corpus.
appointments during the recess of the Congress,
The suspension of the privilege of the writ of habeas
whether voluntary or compulsory, but such
corpus shall apply only to persons judicially charged for
appointments shall be effective only until disapproved
rebellion or offenses inherent in, or directly connected
by the Commission on Appointments or until the next
with, invasion.
adjournment of the Congress.
During the suspension of the privilege of the writ of
Section 17. The President shall have control of all the
habeas corpus, any person thus arrested or detained
executive departments, bureaus, and offices. He shall
shall be judicially charged within three days, otherwise
ensure that the laws be faithfully executed.
he shall be released.
Section 18. The President shall be the Commander-in-
Section 19. Except in cases of impeachment, or as
Chief of all armed forces of the Philippines and
otherwise provided in this Constitution, the President
whenever it becomes necessary, he may call out such
may grant reprieves, commutations, and pardons, and
armed forces to prevent or suppress lawless violence,
remit fines and forfeitures, after conviction by final
invasion or rebellion. In case of invasion or rebellion,
judgment.
when the public safety requires it, he may, for a period
not exceeding sixty days, suspend the privilege of the He shall also have the power to grant amnesty with the
writ of habeas corpus or place the Philippines or any concurrence of a majority of all the Members of the
part thereof under martial law. Within forty-eight hours Congress.
from the proclamation of martial law or the suspension
of the privilege of the writ of habeas corpus, the Section 20. The President may contract or guarantee
President shall submit a report in person or in writing to foreign loans on behalf of the Republic of the
the Congress. The Congress, voting jointly, by a vote of Philippines with the prior concurrence of the Monetary
at least a majority of all its Members in regular or Board, and subject to such limitations as may be
special session, may revoke such proclamation or provided by law. The Monetary Board shall, within
suspension, which revocation shall not be set aside by thirty days from the end of every quarter of the
the President. Upon the initiative of the President, the calendar year, submit to the Congress a complete
Congress may, in the same manner, extend such report of its decision on applications for loans to be
proclamation or suspension for a period to be contracted or guaranteed by the Government or
determined by the Congress, if the invasion or rebellion government-owned and controlled corporations which
shall persist and public safety requires it. would have the effect of increasing the foreign debt,
and containing other matters as may be provided by
law.